Quotation system



R. M. HICKS ET AL QUOTATION SYSTEM Filed May 16, 1959 Oct. 14, 1941 lNVENTORS R. M. HICKS M. L. HASELTON BY AT %RNEY Oct. 14, 1941. v R. M. l -||CKS 'ETAL 2,258,952

QUOTATION SYSTEM Filed May 16, 1939 7 Sheets-Sheet 2 FIG; 6

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QUOTATION SYSTEM Fi led May 16, 1959 7 Sheets-Sheet s Oct. 14, 1941. R. M; HICKS ETAL QUOTATION SYSTEM 7 Sheets-Shet 4 Filed May 16, 1959 7 Sheets-Sheet 5 INVENTORIS R. M. HICKS M. HASELTON Wv WM A TOR EY Oct. 14, 1941.

R. M. HICKS ET AL QUOTATION SYSTEM Filed May 16, 1939 0a. 14, 1941. R. M. HICKS ET AL 2,258,952

- QUOTATION SYS TEM Filed May 16,1939 7 Sheets-Sheet e INVENTORS R. M.' HICKS M. L HASELTON Patented Get. 14, 1941 t UNEE ST TENT OFFICE QUOTATION SYSTEM Application May 16, 1939, Serial No. 273,880

11 Claims.

This invention relates to a stock quotation system and is particularly adapted for the dissemination of information relative to stocks, commodities and the like. It is especially applicable for use in systems wherein the information is displayed by a plurality of posting devices at several receiving stations which may be remote from the source of signals representative of this information.

In systems heretofore devised for the posting of stock quotations and the like, the posting mechanism is controlled by telegraphic impulses employing either a step-by-step or permutation code for the transmission of the quotation signals. In these systems the receiving mechanism at the subscribers station responsive to such signals is complicated in structure and requires delicate adjustment at frequent intervals to maintain it in satisfactory working condition. Furthermore, the cost of such systems is considerable.

The present system is simple in operation and requires but a small amount of transmitting and receiving apparatus for setting up and posting the desired information at the receiving station. It requires a minimum of adjustments to maintain the system in satisfactory operation over long periods of time. It does not employ either step-by-step or'permutation code signals for the operation of the receiving mechanism to post the desired information but accomplishes this by a single current impulse in accordance with the intensity of the current strength thereof. The information may be posted, according to one embodiment of the invention, upon a large display board or boards similar in general appearance to the quotation display boards successfully operated for several years, or it may be posted by means of smaller posting devices situated, for example, upon the customers desk within a brokers ofiice in cases where the information posted is viewed by a lesser number of persons than would ordinarily view the main display board.

One of the objects of this invention resides in new and improved apparatus for displaying stock quotations quickly, accurately and clearly by receiving apparatus which is not necessarily in synchronous relation with the line signals.

Another of the objects is to quickly and accurately post prices of any desired stock or item by a single current impulse.

Another of the objects of the invention is to automatically post the Open, High, Low and Last prices of a selected stock concurrently with the first price of the stock posted and thereafter to post the High and Low prices of the stock concurrently with the Last price posted and without the intervention of an operator.

Another object of the invention resides in the provision of means operable at will at each receiving station for enabling the Open, High and Low ranges to be posted by the first quotation signals received for the item and thereafter to cause the High and Low ranges to be automatically posted in accordance with the Values of the price signals received.

A further object resides in means controlled from the transmitting station for selecting and adjusting the scales of the different stocks whereby the prices are displayed near the central portion of the scales and means operable concurrently with the actuation of the scales for indicating at the transmitting station the position of the scales.

A still further object of the invention is to provide a posting device comprising one scale for the digits of the "price to be posted and another scale for the fractions value of the price and means automatically operable by the intensity of the line signal to cause the information represented thereby to be posted on each of the proper scales.

Further and more specific objects, features and advantages will more clearly appear from the following description taken in connection with the accompanying drawings and claims.

The invention consists in the novel signalling methods, features, circuit arrangements and combinations of circuits and parts as hereinafter described, but by Way of example only, as being illustrative of certain preferred embodiments of the invention.

In the drawings:

Fig. '1 illustrates one form of posting mechanism in accordance with the present invention;

Fig. 2 shows a portion of the receiving mechanism of Fig. 1;

Fig. 3 is a fragmentary view, somewhat enlarged, partly in section taken along the line 3-3 of Fig. 2;

Fig. 4 is a view partly in section taken along the line 4-4 of Fig. 2;

Fig. 5 is a view of a part of the device of Fig. 2;

Fig. 6 illustrates a fragment of the quotation board comprising a plurality of assemblies of the device of Fig. 1;

Fig. 7 shows a complete transmitting station;

Fig. 8 shows one of the receiving stations;

Fig. 9 is a schematic diagram of a receiving station illustrating another embodiment of the invention;

Fig. 10 is a view in perspective of one of the posting devices;

Fig. 11 is another view of the device of Fig. 10;

Fig. 12 is a fragmentary front view with the cover in place of an optional arrangement of the device of Fig. 10;

Fig. 13 illustrates a preferred embodiment of the invention;

Fig. 14 is a fragment of a quotation board employing the apparatus of Fig. 13;

Fig. 15 shows another optical arrangement suitable for use with the system;

Fig. 16 is a side view of the posting apparatus of Fig. 13;

Fig. 17 is an end view, somewhat enlarged, of the apparatus of Fig. 16;

Fig. 18 is a view partly in section taken along the line l8l8 of Fig. 16;

Fig. 19 is a view partly in section of the apparatus of Fig. 18 in 2. released position;

Fig. 20 is a view taken along the line 2i]2iJ of Fig. 16;

Fig. 21 is a fragmentary view somewhat enlarged of the fraction control mechanism of Figs. 1'7, 18 and 19; and

V Fig, 22 is a view of the unison posting mechanism employed with the posting apparatus of Fig. 16.

Referring first to Fig. 1 of the drawings there is shown thereon the apparatus for automatically posting the Open, High and Low quotations in addition to the Last quotation of the stock or other item. The posting devic comprises a source of light, as for example the projector I, a meter 2, provided with movable mir rors 3, 4, and 6 for receiving light rays from the projector and deflecting the same to cause beams of light to fall upon a translucent screen I and thus post the Open, High, Low and Last mirrors. rality of groups of indicia 8, 9. I Band II corresponding to the Open, High, Low and Last prices respectively. The screen I is carried by the prices in accordance with the movement of the The screen 1 is provided with a plu-' rollers l2 and I3 and is provided with a series a of perforations I4 and 15 which engage the sprocket wheels i6 and I1 respectively both sprockets being adapted to be rotated by the crank IS, the mechanism including the shafts i9, 2!], 2| and 22 which are connected together by means of suitable gearing. The crank l8 may be fitted into a socket 23 and thus provide an arrangement whereby the sprocket wheels I6 and IT may be turned synchronously in either direction to cause the screen to be moved to display numbers of a higher or lowerdenominational value, as the case may be. Fig. 1 shows the number 60 opposite a reference line 24 and centrally located with respect to the apertures 25 of the mask 26 and the light rays falling upon the screen 1 to display the prices 60%;, 64 /2, 58 and 59 corresponding to the Open, High, Low and Last prices respectively of the stock W. The shaft 21 is provided with a spring 2'! having one end attached thereto and the other end attached to the roller [2, the roller l2 being pivotally mounted with respect to the shaft 21 and actuated by the spring 21 to wind the screen upon the roller when moved by the sprockets l6 and I! in a direction to cause higher denominational digits to be displayed through the apertures 25. The roller I3 is pivotally mounted on deflected therefrom upon the screen I.

aten the fixed shaft 28 and provided with a spring similar to the spring 27 having one end attached to the roller and the other end to the shaft to cause the roller [3 to operate to move the screen to display digits of a lower denominational value in accordance withthe movement of the sprocket wheels.

The screen 7 passes over the roller guides 51] and is held in contact with arcuate member 29 having apertures therein similar to the apertures 25 to permit the rays of light from the projector l to fall upon the screen 1. The screen 1 is preferably arcuate in form in order that the readings taken therefrom may be proportionate to the settings of the mirrors of the meter 2.

Rays of light emitted from the projector I 'are passed through suitable slits in the mask 30 and focussed by means of the lens 40 to give sharp, brilliant lines upon the screen 1. whereby the prices represented thereby may be easily legible from a considerable distance thus providing an arrangement whereby the prices of each item may be simultaneously viewed by a relatively large number of people. The screen 1 may be shifted manually by means of the crank l8 or automatically under control of the operator at the transmitting station, as will more clearly appear as the description proceeds, the automatic screen shifting mechanism including electrically operated means for rotating the sprocket wheels [6 and IT.

The mechanism controlling the operation of the mirrors of the meter 2 is shown on Fig. 2, the meter shaft being designated by the numerals 3| and supported at bearings 32 and 33. The shaft 3! has mounted thereon a brake drum 34 normally engaged by the brake lever 35, held in the operated position by the spring 36 and released for operation by the electromagnet 31. The shaft 31, as more clearly shown on Fig. 3, has an oifset portion 38 carrying a ball and socket 39 by means of which the mirror 6 may be adjusted to properly position the rays of light The shaft 3| is continued at 4! for engagement with the bearing 33. As shown in Fig. 4 of the drawings the ball and socket 39 is attached to the offset portion 38 of the shaft 3| by means of a rod 42 having a collar 43 secured thereto. the rod passing through the portion 38 of the shaft and secured thereto by means of nut 44 and washer '45.

Extending from the shaft 3| is a pin 46, Fig. 2, adapted to engage and move the rods 41 or 48 in accordance with whether the last price posted is also a new high or low price.

Secured to the base 49 in any suitable manner, as for example by screws, are the bearing plates 50 and 5|, each of the bearing plates being fitted with a pin '52 extending therethrough, as clearly shown on the enlarged detailed view, Fig. 5. The base is also provided with a bearing 53, having a bearing pin 6| in alignment with the shaft '3! and the bearing pin 52. The pin 47 is fitted into a member 54 provided with a reset portionto engage the pin'52 of the bearing plate 58. The pin 52 also engages the mem-- ber whereby the member 55 is pivoted about the pin 52 and easily moved by the shaft3l to any desired setting. The member 55 is provided with a ball and socket arrangement similar to that of Fig. 3 for mounting the mirror 4. A washer Which may be of felt, or any other suitable friction material, is interposed between the bearing plate 50 and the members 54 and 55 respectively, therebeing just sufficient friction therebetween to prevent the accidental movement of the mirrors 4 and from any of their set positions. The arm 58 is connected to the member 51 which is pivotally mounted on the pins of the bearing plates 50 and BI and provided with friction washers interposed between the member 51 and the bearing plates 59 and 5| whereby the mirror 4 carried by this member is readily movable by the pin 48 but is otherwise prevented from accidental movement. Interposed between the rods 4'! and 48 is the rod 58, one end of which is attached to the member 59 supportingthe mirror 3, the mirrors 3, 4 and 5 being mounted by means of a ball and socket arrangement in a manner similar to that shown on Fig. 3 of the drawings. The member 59 is pivotally mounted on the pin 6| of the bearing plate 53 and is provided with friction washers 62 and 63 to prevent movement of the mirror 3 other than by means of the rods 41' and 48, the washers 62 and 63 having just suflicient friction to prevent accidental movement of the mirror 3 from any of its set positions.

The members 5:1 and 51 are provided with cam surfaces 66 and 6'! respectively adapted to be engaged by the arms 68 of the electromagnet 69 as the magnet operates. These arms are normally held out of engagement with the cam surfaces and against the backstops H by the spring 12, the arms 68 being pivotally mounted at 13.

The magnet 63 is employed to bring the settings of the mirrors 3, 4 and 5 into agreement -with the mirror 6 thus causing the prices displayed for the Open, High and Low ranges of the stock to be the same as the Last price displayed. The magnet 3'! is energized while the meter shaft is taking its setting to display the Last price, and when the shaft 31 has been set, magnet 31 is de-energized thereby locking the shaft 3! in its set position. The pin 56, it will be recalled, is rigidly attached to the shaft 3i and therefore takes a setting in accordance with the position of the shaft 3i. The operation of the electromagnet 69 causes the arms 68 thereof to engage the cam surfaces 85 and 6'! and thus rotate the arms 87 and 48 until they engage the pin 45 thereby causing the mirrors 4 and 5 to take settings in accordance with the setting of mirror 6. When the arms 41 and 48 are in engagement with the pin 43 they are also in engagement with the arm 58 as shown on Fig. 2 and the mirror 3 is thus caused to assume a setting to display the price displayed by the mirrors l, 5 and 6. When this has been accomplished the magnet 69 is deenergized and the mirrors 4 and 5 are thereafter automatically set by the movement of the pin 46 to positions corresponding to the High and Low prices respectively, the mirror 3 remaining in its initial set position meanwhile to post the Open price of the stock. The wires I4 and extending to the magnets 69 and 3'! respectively may be included within the cable 16, Fig. 1.

The posting devices of Fig. 1 are placed in closely spaced group relationship in an arrange- .ment comprising, for example, a quotation board posted, or, if desired, the Open, High, Low and Last markings may be common to a plurality of items.

A transmitter suitable for the system is illustrated in diagrammatic form on Fig. '7, the transmitter comprising a transmitting distributor I'D and a plurality of sets of settable devices connected thereto for setting up the information to be posted and a set of start relays for initiating the operation of the transmitter. Each set of settable devices is individual to a stock or item and is provided with means for closing a pair of electrical contacts whenever the settings of the settable devices are changed. These contacts cause the associated start relay to operate and set the transmitting distributor into operation.

The units control device U is adapted to be set in any of twenty or more positions representative of the value of the hundreds and units digits of the stock price to be posted. For this purpose a detachable scale 70 is employed, the range of which includes twenty or more units, there being a scale suitable for this purpose, such as 0 to 20, another scale for 10 to 30 and a third scale for 20 to 40, also scales bearing the markings to 120, to 130, etc. The choice of the proper scale is in accordance with the position of the screen 'I of the receiving apparatus which is preferably so adjusted that the open price of the stock is displayed near the central portion of the screen. With the open price 60 of the stock W posted, for example, on the screen as shown in Fig. 1, the units scale 50-70 would be employed in the transmitter for the settable device U of the stock W. I

The transmitting distributor comprises a transmitting ring having a plurality of segments each individual to the item to be selected and a control ring for causing the transmitter to come to rest in any selected position. The transmitting distributor is also provided with a series of electrical contacts adapted to be operated successively during the time that the transmitting distributor is in operation. The distributor is also provided with a toothed or slotted stop wheel 79 for arresting the movement of the distributor brushes in any selected position of the distributor in accordance with the operated position of the transmitter start magnet TSM. The transmitter may be operated in any suitable manner, as for example by a constant speed electric motor through the medium of a friction clutch as is well known in the art to which the present invention pertains.

The receiving apparatus for the operation of the quotation board of Fig. 6 is shown on Fig. 8 and comprises a receiving distributor RD having two sets of segmented rings RI and R2 traversed by the receiving brushes RB! and R282 respectively. The receiving distributor may be operated by an electric motor through a friction clutch whereby the distributor brushes are operated in substantiallyv synchronous relationship with respect to the brushes of the transmitting distributor TD when the receiving start magnet RSM has moved the latch 18 out of engagement with the toothed stop wheel 80, the wheel 80 controlling the degree of movement of the receiving distributor brushes in the manner of the transmitting distributor. The receiving ring RI is employed to select a posting device individual to each of the various stocks whereby the selected device may be operated by the transmitter to post the prices relating to the stock, as will be more fully explained hereinafter. The ring R2 is employed to operate the lock and unison magnets LM and UM of the selected posting device.

The operation of the system will best be understood by consideration of a specific example.

Assume that the operator desires to post the price 60 for the stock W and that the resistors U and F thereof, Fig. '7, had previously been set to post the price 60%;. Hence, in the example assumed wherein the units digit of the price is unchanged, the operator merely moves the pointer of the fractions resistor F into engagement with terminal 4 thereof representative of the fraction A jockey wheel 82 having lobes 83 thereon corresponding in number to the number of moved positions of the fractions resistor F, is connected to the resistor by the shaft 84. When the setting of the resistor F was changed from 1 to 4 the pair of contacts 85 were operated thereby applying ground to conductor 86 extending to the winding of the start relay STW of the stock W, the other end of the winding being connected to battery. Relay STW is thus caused to operate over the circuit just described and lock by way of its armature 81 and make contact thereof, conductor I of cable 88, contacts 89 and thence to grounded conductor 91, it being further assumed that the contacts 89 are closed and the transmitting brush is not in the position shown on the drawings. The operation of relay STW at its armature 92 applies battery to conductor 93, break contact and armature 94 of re lay SI, break contact and armature 95 of relay S, winding of the transmitter start magnet TSM,

break contact and armature 9B of relay SI, conductor 91, resistance 98, contact 99 of the key K, line LI, armature IM and break contact of relay C, Fig. 8, winding of relay A, conductor I02, winding of the receiving start magnet RSM and thence to ground thereby operating the start magnets of the transmitting and receiving distributors and the relay A. When armature I03 of relay A engages its make contact, battery is applied to relay B causing relay B to operate. The operation of the start magnets TSM and RSM causes their associated latches I04 and 18 to be disengaged from the stop wheels I9 and 86 respectively thereby setting the transmitting and receiving distributors into operation.

The operation of relay STW at its armature I85 applies battery to conductor I of cable I06 e tending to contact I of the ring R3 of the transmitting distributor. The transmitting and receiving distributors continue to rotate in synchronous-relationship until brush B2 of the transmitting distributor engages terminal I of the ring R3 thereby applying battery to conductor I 01 and operating relays.

The operation of relay S at its armature 95 interrupts the circuit to the transmitting and receiving start magnets and the relay A causing the start magnets to release and stop the transmitting and receiving distributors with their brushes in engagement with their respective terminals I. During the time the transmitting distributor was about to come to rest, the insulated end I08 of the brush arm IE9 operated the contacts 89 thereby removing ground from conductor I of cable88 andreleasing the start relay STW. Relay S at its armature H and make contact thereof applies ground to relay SI causing relay SI to operate and at its armature 94 additionally interrupt the circuit to the transmitter start magnet. Relays STW and SI areslow releasing relays and release subsequently in the order here enumerated.

.When relay A released battery at armature I03 and break contact thereof-was applied to armature III and makecontact ofrelay B and thence to the winding of relay C causing relay C to onerate and remain operated until after relay B has released, relay B being a slow releasing relay. The operation of relay C at its contact II2 applies ground to conductor II3, brush RBZ of the receiving distributor, terminal I of the ring R2. conductor I of cable II4, winding of relay D, conductor H5, winding of the lock magnet LM of the stock W from whence the circuit is continued to battery thereby causing the lock magnet LM to operate. The operation of the lock magnet removes the brake 35 from the drum 34 thereby permitting the motor shaft 3I to be set to post the new price 60 /2 for the stock W.

The operating circuit for the meter W will now be described. Negative terminal of battery B, Fig, 7, conductor Illi, resistance II'I, terminal .4 of the resistor F and wiper thereof of the fractions control unit and thence through terminal designated of the units control unit U, conductor I of cable II8, contact I of the ring RI of the transmitting distributor TD, brush BI, ring R2, conductor I I9, make contact and armature 96 of relay SI, conductor 91, resistance 98, contacts .99 of the key K, line LI, armature IOI and make contact of the relay C, conductor IZI, receiving brush RBI and contact I of the ring RI, conductor I of cable I 22, winding of the meter W, conductor I23, line L2, switch SW and contact I24 thereof, conductor I25, master meter MM and thence to the positive terminal of the battery B.

The release of relay A at its armature I03 caused the release of relay B but relay B is slow to release and, therefore, battery through armature I33 and break contact of relay A is extended byway of armature III and make contact of relay B to the winding of relay C holding relay C operated until after relay B has released. When the armature III of relay B moves away from its make contact the operate circuit to the winding of relay C is interrupted and relay C releases. Relay C is a slow-release relay to prevent the interruption of the circuit to the winding of the selected meter W until after the meter has taken its new setting. It will, of course, be unnecessary to provide any appreciable delay in the release of relay C after its operating Winding has beenopened provided the relays A and B are sufiiciently slow in releasing.

As armature IOI of relay C moves away from its operated position, ground is removed at con tact I I2 of relay C from conductor I I3 thereby causing the lock magnet LM and relay D to release. The release of the lock magnet causes the brake drum 34 of the meter W to be locked in its set position by the arm 35 through the action of theretractile spring I26. As armature IOI continues its movement towards the unoperated position the circuit through the winding of the meter .W is interrupted, the shaft 3| thereof now being set in position to display the price 60 As the shaft 3i of the meter moves from its positionfiO to its new position, 60 the pin 46 thereof, Fig. 2, causes the pin 48 to be concurrently moved and change the setting of the mirror .4 .to also post the price 60 as a high price unless the highprice previously posted was 60 /2 or numerically greater. The apparatus of Fig. 8 is now in condition to receive another quotation.

The operation of the receiving equipment of Fig. 8 to post the first or open price of a quotation willnow be described. If the quotation to be posted on the meter W, for example, is the first quotation for th day indicating the first transaction during the regular trading period of the stock market for the stock W, it will be posted as an open quotation and also as a high, low and last quotation by means of the mechanism of Fig.2.

It will be recalled that the lock magnet LM operated in series with relay D, relay D operating whenever the lock magnet operates. During the time that the lock magnet operates to permit the shaft SI of the meter W to take its setting to post the first quotation for th stock W as a last price, the relay D moves its armature I21 against the make contact thereof thereby closing a circuit from battery at the break contact and armature I 28 of relay F, conductor I29, armature I21 and make contact of relay D, winding of relay E to ground, thereby causing relay E to operate. When the operate circuit for relay D and th lock magnet is interrupted at contact I I2 of relay C, the lock magnet LM releases thereby locking the shaft 3I in its set position. Relay D also releases and at its armature I21 and break contact thereof completes a circuit from battery through the break contact and armature I28, conductor I29, armature I21 and break contact of relay D, armature I3I and make contact I32 of relay E, winding of unison magnet UM to ground and at contact I 35 applies battery to the operate winding of relay F and thence to ground, causing the operation of unison magnet UM and the relay F. The operation of the unison magnet UM causes its armatures 58 to be attracted toward the magnet core thereby engaging the cam surfaces 66 and 61 and causing the arms 41 and 48 to be brought into contact with the pin 46 thus causing the prices posted by the mirrors 4 and 5 to be the same as the last price posted by mirror 6. As arms 67 and 48 are moved from their previous set positions into contact with the pin 46, the arm 58 is thus brought into alignment by the arm '3'! or I58, as the case may be, with the pin 45 thereby causing the open mirror 3 to post the same price as th mirrors 6, 5 and 6.

Relay F locks fromground through the locking winding, armature I33 and make contact thereof, conductor I35, contacts of the unison release key UR and thence to battery. The operation of relay F at its armature I28 removed battery from the armature I2? of relay D, thereby making subsequent operations of relay D ineffective.

The relay F is sufficiently slow in operating to permit the unison magnet UM to fully operate before battery is removed from conductor I23 at armature I28 of relay F.

The operation of the release key UR removes battery from the locking winding of relay F thereby causing relay F to release and at its armature I28 apply battery to conductor 28 thereby placing the receiving equipment in condition to post a unison quotation. The dotted rectangle E Fig. 8, represents in diagrammatic form a plurality of other posting devices like the device W shown in detail, including the control relays D, E and F and circuit connections thereto, the devices representcd by the rectangle E respectively being employed for posting the prices of other stocks or items comprising a quotation board. One unison release key may be provided for each of the stocks to he posted or the conductor I 35 may be extended to the locking contacts of other relays F whereby the posting mechanism of a group of stocks, which may comprise either a portion or all of the posting devices controlled by the receiving distributor RD, may be simultaneously placed in condition to receive a unison quotation by the operation of the key UR. The contacts of the key UR may be protected from excessive On Figs. 10 and 11 of the drawings is shown a meter mechanism which is similar to and operates in the manner of the mechanism of Fig. 2 except that the quotations are displayed upon a suitable scale as indicated by the position of pointers controlled by the settings of the shaft 3|; whereas in Fig. 2 the settings of shaft 3| are employed to deflect beams of light by means of mirrors to post the prices upon a translucent screen. The device of Figs. 10 and 11 comprises a movable pointer I38 attached to the shaft 3| for posting the last prices of the stock to'which the meter relates. The meter is also provided with a. pointer I 39 having a projecting member MI therefrom adapted to be engaged by the pointer I38 during its movement to a setting'of lower denominational value. This pointeris employed to post low quotations. A pointer I42 mounted in axial alignment with the other pointers of the meter is provided with a projecting portion I43 which engages the pointer I 38' as the pointer I38 is moved towards settings or a higher denominational value thereby carrying with it the pointer I42 which is employed to post the high quotation of the stock 'associatedwith the device. r I The pointer I 44 is moved by the projections MI or I43, as the case may be, by the operation of the unison magnet UM which; as in the device:

of Fig. 2, is employed to bring the open, high and low indicating elements into position to post the same price as is posted by the last indicating element.

The indicating device of Figs. 10 and His provided with a scale arrangement similar .to that employed with the settable devices U of the transmitting apparatus except that the scale divisions thereof would be so spaced as to conform with the electrical and mechanical characteristics of the meter whereby correct readings would be obtained by the variation in the current flowing through the meter winding. Different scales may be employed each comprising, preferably though not necessarily, 20 scale divisions suitably designated and each corresponding to a change of one point in the value of the item posted. Another suitable arrangement would be to employ a rotary scale having the in predetermined relationship With the aperture through which the indicia is viewed as determined by the particular scale employed with the settable device U at the transmitting station associated with the stock to which the meter relates. The pointers I38, $9,152 and M4 may have individual characteristics as to color or' shape whereby each may be readily distinguished from the others.

Fig. 12 illustrates a meter which may be operated by the device of Figs. 10 and 11, the meter being provided with a scale I 45 rotatable by the knob I46 within the aperture I41. However, if

desired, the scale I45, which may be readily removable may beemployedfor the integers of the price, there being one scale .to post prices of '70 to 90, another scale 80 to 100, et cetera. In this modification of the invention a fixed scale I48 having the scale divisions /8 to A; maybe employed to display the fractions digits of the open, high, low and last prices respectively by means of pointers which readily distinguish from one another in color, size or shape.

The fractions pointers may be automatically controlled from the settings of their associated integer pointers as will more clearly appear from a consideration of the description of the device of Figs. 16 to 21 of the drawings or, if desired, the fractions pointers may be controlled by the settings of the selecting devices F of the transmitting station over a duplicate system, in which case the signals controlling the integer pointers would be determined by the settings of the resistors U alone.

Referring now to Fig. 90f the drawings there is shown thereon a receiving mechanism controlled by the transmitter of Fig. 7, the mechanism comprising amongother elements, means for posting any desired information concerning a selected stock or item, the posting means comprising a large plurality of posting devices individual to each of the items and means individual to each of the posting devices for changing the numerical values displayed by a movable scale automatically under control of signals received from the transmitting station. More specifically, the numerical values of the prices to be posted are arranged in serial order upon a translucent screen or scale wound upon two rollers in such a manner that that portion of the scale intermediate the rollers is employed for displaying the numerical value of the item rep resented thereby in accordance with the position of the pointers or beams of light, as the case may be. I

When the numerical value of the item posted. has varied sufliciently toward either end of the exposed portion of the scale, the scale may be moved forwardly or reversely by means of signals received over the channel of communication from the transmitting station whereby the prices posted by the posting device will be taken from the central portion of the exposed screen. In practice it has been found that the prices of stocks seldom fluctuate more than 4 or points during any one trading period, and therefore, the screen is adjustedpreferably such that the prices will be posted near the central portion thereof and, therefore, it should be unneecssary to change the adjusted position of the scale during the trading period of the market.

The arrangement whereby only a small portion of the screen is exposed to view presents several advantages. It enables prices for a large number of stocks to be posted on a quotation board within the space available at a brokers office in such a manner that each price is easily and clearly distinguishable simultaneous y by a relatively large number of people who may be situated sufficiently distant from the board as will enable them to view a large number of these devices without changing their position.

The method of posting a stock price upon an indicator of Fig. 9 is as follows: If the price to be posted relates to the stock W for example, movement of the U or F resistors causes relay STW, Fig. '7, to operate and at its armature 92 connect negative battery to conductor 93, contact and armature 94 'of relay SI, break contact andv armature 95 of relay S, winding of the transmitting distributor start magnet TSM, break contact and armature 9B of relay SI, conductor 91, resistance '98, contact 99 of the key K, conductor 'LI, rectifier unit N, Fig. 9, armature I5I and break contact of relay R, winding of relay T, winding of the receiving distributor start magnet STM and thence to ground. The start magnets ISM and STM operate to set the transmitting and receiving distributors into operation and the relay T operates over the circuit just described.

The operation of relay T at its armature I52 applies battery to the winding of relay W causing relay W to operate. The transmitting and receiving distributors rotate in unison until their terminals I are engaged by their respective brushes at which time the operation of relay S, Fig. '7, at its armature 95 interrupts the circuit including the line LI and releases the start magnects TSM and STM and the relay T. The release of the transmitter start magnet TSM brings the brushes BI and B2 of the distributor TD to rest in engagement with their segments I and the release of the receiving distributor start magnet STM causes the retractile spring I53 to bring the latch I54 into engagement with the toothwh'eel I55 thereby bringing the receiving distributor brushes RBI and BB2 to rest in engagement with their terminals I.

The release of relay T at its armature I52 interrupts the operate circuit to the relay W, the relay W being slow to release however, does not release until an appreciable time after relay T has released. A circuit is closed from battery at armature I52 and break contact of relay T, conductor I56, armature I 51 and make contact of relay W, conductor I58, Winding of relay R and thence to ground causing relay R to operate and at its armature I'5I and make contact close a circuit by way of conductor I59, brush RBI, terminal 'I of the ring RI, conductor I' of cable IBI, winding of the meter W, conductor I52, break contact and armature I63 of relay X, line L2, the

switch SW, Fig. 7, and contact I24 thereof, conductor I25, master meter MM and positive terminal of the battery B, the negative terminal of which is connected by way of the resistors U and of the stock W, conductor I of cable II8, terminal 'I of the ring RI, brush BI, ring R2, conductor IE9, make contact and armature 95 of relay SI, conductor 91, resistance 98, contacts 99 of key K to the line LI.

The operation of relay R at its armature I64 applies ground to the break contact and armature I65 of relay X, conductor I60, brush RB2, terminal I' of the ring R2, conductor I of cable I85, winding of the lock magnet LM, conductor I67, break contact and armature I68 of relay X to battery, thereby operating the lock magnet and thus caus ng the meter W to take a setting in accordance wih the sett ngs of the resistors U and F corresponding to the stock W.

When relay W releases battey is removed from the winding of relay R and relay R releases. Relays W and R are both sufficiently slow to release to maintain the circuit to the operate winding of the meter W in closed condition until the meter W has taken its setting. The release of relay R at its armature I64 removes ground from one end of the winding of the lock magnet of the meter W causing the shaft 3| and indicating element thereof to be locked in their set position. The operation of relay R at its armature II interrupts the circuit from the line LI including the rectifier unit N thereby removing current from the Winding of the meter W. When negative battery was applied to conductor LI relay X was prevented from operating by the rectifier unit P in series with the winding I of relay X. The cycle of operations required for changing the settings of one of the posting devices shown on Fig. 9 has now been completed.

The series of operations required for changing the settings of the scale of the posting devices of Fig. 9 will now be described in detail. Assume, for example, that the scale designated III on Fig. 7 of the drawings for the stock W having the indicia 50 to ID thereon is in position with respect to the resistor U of the stock W and the screen 1 for this stock, Fig. 1, is in the position whereby the number 60 is in alignment with the reference mark 24 and that the indicator I69 for the stock W, Fig. 7, has been set to display the number 60 thus indicating that the number 60 of the screen 1 is in alignment with the reference mark 24. Assume further that the closing price of the stock W is 63 /2 at the end of the trading period of the stock exchange, thereby in-,

dicating that it may be desirable to employ a scale having the markings 66 to 8B for the U resistor of this stock and change the setting of the scale 1 of the posting device tocorrespond with the scale to to 89 for the resistor U.

This is accomplished in the following manner. The key i'II for the stock W is momentarily depressed thereby applying ground to conductor 86 and operating the relay STW and causing the transmitting and receiving distributors TD and RDR to be set into operation and come to rest with their brushes in engagement with their terminals I. The posting device. for the stock W has now been selected for operation.

Since, in the example assumed, the settings of the U and F resistors for the stock Ware not as yet changed, the setting of the shaft 3| will not be changed at this time by the selection of posting device W in the manner just described. The reading of the master meter MM may be taken, if desired, as an indication that the setting of the indicating elements of the posting device W is in agreement with the settings of the current controlling resistors U and F. Relay R, Fig. 9, it will be recalled, releases after a posting device has received current for a length of. time sulficient to operate the device and at its armature I5! disconnects the posting device from the line LI and reconnects the line LII to the relay T and the start magnet STM.

The reversing switch RS is employed to control the direction of movement of the scale 1 of the selected posting device and the direction of movement of the indicator I69. Since in the example assumed the scale is to be shifted to display numbers of higher denominational value the switch BS is moved into the position shown in solid outline on Fig. 7. The key K is operated thereby closing a circuit from positive source of battery through resistance I13, contact I14 of key K, line LI, rectifier unit P, winding I of relay X, winding of relay Y and thence to ground thereby causing relay X to operate. Relay Y is a marginal relay and does not operate at this time due to the presence of the resistance I13 in the 'rcuit just described. The start magnet STM and the relay T do not operate due to the action of the rectifier unit N in series With their windings. Relay X locks to battery at armature I15 and break contact of relay Y, conductor I16, ar-

- wheel denominational value.

repeated each time the dial contact PC operates mature I11 and make contact of relay X, winding 2 of relay X to ground. The operation of relay Xat its armature I63 disconnects the line L2. from conductor through conductor I18 extending to one side of the rectifier units NI and PI. The switch SW is moved into engagement with its contact I83 and The operation of relay PR. closes a circuit from positive source of battery, terminal I19 and arm I8I of the switch RS, armature I82 and make contact of the relay PR, terminal I83 of switch SW, line L2, armature I63 and make contact of relay X, conductor I18, rectifier unit PI, winding SMI of the scale stepping mechanism, conductor I88, conductor I of cable IE8, terminal I of the ring R2, brush BB2, conductor I60, armature I and make contact of relay X and thence to ground thereby operating the magnet SMI and causing it to attract its armature I96 and draw the pawl I84 into engagement with the ratchet wheel I85 to advance the ratchet wheel one step. The movement of the ratchet I85 carries with it the shaft I86 and sprocket wheel I81 thereby moving the screen 1 in a direction to display prices having a lower This stepping process is which, in the assumed example, is ten times, thereby stepping the screen 1 toward the left, Figs. 1 and 9, until the designation II! is opposite the reference mark 24. A jockey wheel- I83 is operated by the shaft I36 whereby the jockey posite the reference mark 2% when the screen is at rest. While for the sake of clarity the sprocket wheel :51 is shown on Fig. 9 attached to the shaft I86, it will be understood that this represents a simplified diagrammatic representation of the structure of Fig. 1', the shaft I 86v corre-' sponding to the shaft 28 of Fig. 1, although, ob-

viously, the driving'mechanism and jockey wheel arrangement of Fig. 9 could be applied to any of the shafts employed for imparting the movement to the screen 1 of Fig. 1. Furthermore, the

sprocket wheel I81 of Fig. 9 is employed to rep- F resent in diagrammatic form the pair of sprocket wheels I6 and H of Fig. 1.

The operation of relay PR at its armature I 9| also applied battery to the switch RS and terminal 152 thereof, conductor I53, winding of the indicator magnet IMI of the stock W, switch I12 and thence to ground thereby operating the indicator magnet IMI for each operation of the relay PR. The operation of the magnet IMI caused the armature ISM thereof to be attracted to register the number it corresponding to the new position of the screen I.

If it had been desired to move the screen I from 60 to 50, the switch RS would have been moved to the position shown in dashed outlineon the drawings, and negative battery would have I62 and connects the line been applied to the line L2 by the relay PR causing the stepping magnet SMZ to operate and move the pawl I98 into engagement with the ratchet wheel I99 thereby turning the shaft I86 in a direction to move the screen I to display numbers of a lower denominational value until the number 50 is opposite the reference line 24. During the time that the screen is moving to display digits of a lower order the operation of relay PR at its armature I9I applies battery impulses by Way of the conductor 2IJI to the impulse magnet IM2 causing it to operate and move the pawl 202 into engagement with ratchet wheel 2G3 and turn the shaft I91 a sufficient amount to cause the meter W to register the number 50.

After the scale has been set to its new position the release key REL, Fig. '7, is operated thereby short circuiting the resistance I13 and increasing the current flowing by way of line LI and rectifier unit P through winding I of relay X and the winding of relay Y, thereby causing relay Y to operate and at its armature I15 remove battery from the winding 2 of relay X. The key K is now restored to its unoperated position and the release key REL is restored, thus removing battery from line LI and causing relays X and Y to release. Relay Y is slow releasing and does not apply battery to conductor I16 until after armature I'I'I of relay X has become disengaged from its make contact thereby preventing the occurrence of a circuit condition which might other- Wise result in the failure of relay X to release. The operation of relay X at its armature I68 removed battery from conductor I61 extending to the winding of the lock magnets of the different stocks to prevent the operation of any lock magmet when ground is applied to a conductor of.

cable I66 by the operation of relay X at its armature I65.

The switch SW is now moved into engagement with its contact I24 and the resistor U of the stock W is moved to the terminal designated 58 by the scale 50-70. The movement of resistor U causes the start relay STW to operate and at its armature 92 apply battery to the start magnets TSM and STM to set the transmitting and receiving distributors into operation to post the price 58 /2 on the posting device W which, it will be recalled, now has its scale I set with the number 60 opposite the reference line 24.

Relay STW is slow releasing so that the insulated end I08 of the brush arm I09 has moved sufficiently to allow the contact 89 to close and connect ground to conductor I of cable 88 extending to the make contact and armature 81 of relay STW before armature 8'! has moved away from its make contact in the event that, as the result of the rapid movement of the resistors U or F or the momentary depression of the key III, the circuit to the operate winding of relay STW was closed but momentarily. The operation of relay STW at its armature I05, it will be recalled, applied battery to conductor I of cable I66, terminal I of the ring R3, brush B2, conductor I01, winding of relay S and thence to ground but relay S is slow to operate and does not therefore operate due to the movement of the brush B2 away from terminal I of the ring R3 before sufficient time has elapsed for relay S to operate; thus when the system is operated in the manner recited to change the setting of the scales of the posting devices and thereafter change the setting of the posting devices in accordance with the new setting of the scales, the

setting of the posting device is accompanied by one revolution of the transmitting and receiving distributors.

If it is desired to first change the setting of a posting device and thereafter change the settings of the scale, this may be accomplished by first placing the proper scale It upon the appropriate resistor U and changing the setting of the resistor U in accordance with the new scale applied thereto, in which case it will be unnecessary to operate the key I'II to select the stock as this would automatically be accomplished by movement of the resistor U. The setting of the scale I of the posting device, either forwardly or re- Versely as the case may be, and the corresponding change in the setting of the indicating mechanism at the transmitting station would thereafter be accomplished by the impulse dial ID and the reversing switch RS since, in order to move the prices away from either end and towards the central portion of the aperture 25, it is obviously necessary to move both the screen and the indicating element which coacts with it. The system disclosed is sufficiently flexible to enable the operator to set the screen first and the indicating means thereafter or vice-versa, and to set one by employing a set of operations independently of the operations employed for setting the other or by employing certain operations which are common to the settings of both the screen and the indicating element.

On Fig. 13 there is shown a mechanism for automatically posting the Open, High, Low and Last quotations of a stock or other item similar to the posting devices of Fig. 1 but having means for displaying the fractions portion of the differ- 'ent prices by means of indicia bearing scales which are separate from the scales employed for posting the hundreds, tens and units portions of the price.

With this arrangement the fractions designations are widely separated thus providing an indicator whereby the fractions portion of the prices are easily and distinctly visible at a considerable distance thereby enabling the entire stock price, including the fractions portion, to be quickly and accurately determined by a large number of people simultaneously. The posting device comprises a movable screen 203 of translucent material similar to the screen I of Fig. 1 and adapted to be moved by the crank I8 and socket 23 or by signals from the transmitting station, the arrangement of Fig. 9 being employed for this purpose. A mask 204 is provided with apertures 205 through which the hundreds, tens and units digits of the stock prices are displayed and the apertures 266 through which a fixed scale 20'! bearing the fractions designations to "M is displayed, the designations of the scale 20'! being individual to each of the ranges open, high, low and last. The mask 2% is prnvided with a reference mark 208 which is employed for checking the settings of the screen 2&3.

A source of light comprising the filament 289 of the incandescent lamp 2II is employed in the illustrative embodiment of the invention shown on Fig. 13 for producing the light markings on the screen 2033. A meter 2I2 comprising a shaft 3|. Fig. 16, is controlled by signals received through the cable 2I3 for actuating the mirrors 2M to 22I upon which are focused a band of light emanating from the incandescent filament 259 by means of the lens 222. The mirror 2M is employed for posting the hundreds, tens and units digits of the open stock price and the mirror 215 the fractions portion of the open price. The mirrors 2H5, 2l8 and 229 are employed for posting the integers and the mirrors 25?, 219 and 22| the fractions portions of the high, low and last prices respectively. The operation of the posting mechanism 2E2 will be explained more fully in connection with the description of Fig. 16 of the drawings. A shield 223 is interposed between the lamp 2H and the screen 2133 to prevent illumination of the screen by direct rays from the lamp.

Fig. 14 shows a fragment of a quotation boar: comprising the posting devices of Fig. 13.

Fig. shows an optional arrangement for directing rays of light against the movable mirrors of the posting device. In this arrangement the source of light is obtained from a projector 23 preferably provided with apair. of condensing lenses to secure uniformity of illumination from the projector, the light from which isdirected against the prisms 235, each of whichjis provided with a silvered reflecting surface 236. With the prisms in the position shown on the drawing the light rays are bent and pass through slits 231 of the shield 238 which is of opaque material. After passing through the slits in the shield the light rays are focused by means of the lens 2239 upon the reflecting mirrors 245i controlled by the posting mechanism 2M in accordance with the different prices to be posted. With thisarrangement, the mirrors 2% cause light indications to fall upon the screen I or 223, as the case may be, in accordance with the settings of the mirrors representative of the stock prices to be posted.

While the optical system of Figs. 1, 13 or 15 may be employed to display prices of stocks or other items upon the screens of Fig. 1 or Fig. 13, it will be understood that these arrangements are illustrative of but a few of the many optical systems which may be. employed for this purpose. For example, the source of light may be placed behind the posting devices 2 or 2i2 in such a manner that the moving elements of the posting devices may, by employing a suitable optical system, be arranged to cast either a spot of light or a shadow, as the case may be, upon the indicia bearing screen to indicate the prices of the different stocks.

The apparatus for controlling the settings of the mirrors 2 M to 22i is shown on Figs. 16 to 22 of the drawings. Referring first to Fig. 16 there is shown thereon, in side elevation, a frame 242 supporting a bearing 223 through which the meter shaft 3! passes and the bearings 224, 245, 225, 241, 248, 249, 25!! and 25! all in alignment with the meter shaft 3 l r The mechanism is attached to the casing of Fig. 13 by means of the supports 253 and 254. The shaft 3!. is provided with an extended portion 255 secured thereto and supported at the upper end thereof by the bearing 2 55. The shaft M has secured thereto in any suitable manner, as by the screw 25?, a brake drum 258 which is employed for maintaining the shaft 3! in any of its set positions.

The bearing member 243 is provided with a support 259 for the bearing 26! upon which is pivotally mounted the brake arm 262 having Sucured thereto the brake member 263 which is held in engagement with the drum 258 by the retraotile spring 284. An electromagnet 265 similar, for example, to the magnet LM of Figs. 2 and-10, is mounted on the support 2% in any suitable manner as by the clamp 260 and, when energized, attracts-its armature 26? thereby moving the arm 252 into theposition shown on Fig 19 and disengaging the brake member 253 from the drum 258 whereby the shaft 3| is free to rotate and take settings in accordance With the prices of the stock to be posted by the posting device. The member 255 is provided with a ball and socket arrangement for supporting the mirror 220 for posting the integers of the last price and is provided with an arm 268 secured thereto in any suitable manner, as by the screw 269, whereby the arm takes settings in accordance with the settings of the shaft 3|.

The arm 262 is provided with an extension member 2'56 pivoted at 25! in such a manner that the rod 219 is parallel to the axis of the bearings 2 33 to 258 regardless of the position of the brake arm 262. The bearings 212 support the shaft 213 to which is secured the pawl 2'15. and rod 2'15 which passes freely through a bearing 216 pivotally mounted to the arm 21?, the arm 21? being secured to the member 2'18 which supports the mirror 22! employed for posting the fractions portion of the last price in accordance with the degree of movement of the arm 2'". The member 2181s pivoted at 219 and 2M in such manner as to be moved by the arm 217 independently of the member 255. The arm 2" is normally urged by the retractile spring 282 and carries with it the rod 2l5 which pivots about the bearings 212 until the tip of the pawl 2M engages the toothed portion of the arm 258 thereby bringing the arm 2?"! and the fractions mirror 22! to rest to display the fractions portion of theprice in accordance with the angular setting of thearm 268.

When the locking magnet 265 operates preparatory to posting a new price, the arm 262 moves into the position shown on Fig. 19 and carries with it the extension 210 which engages the arm 21! and moves it together with the rod 2l'5 sufficiently to permit movement of thev arm 223 in either direction by the shaft 3i without interference from the pawl 274. When the arm 268 has taken theproper setting the locking magnet 265 releases thereby causing the fractions mirror Hi to be moved by the spring 282 into position to post the fractions portion of the price in accordance with the degree of movement of the pawl 214 as determined by the portion of the tooth engaged by the pawl.

The arcuate portion of the arm 268 is provided with 21 teeth or projections having serrated cam surfaces formed thereon, Fig. 21, which coact with the pawl 27 1 in such a manner that'the fractions mirror 22! is moved through substantially the same angular distance for each fractional increment of the price subtended by two adjacent teeth of the arm 268. It will be understood that each of the teeth represents an increase or decrease of one unit in the denominational value of the price of the stock posted thereby.

In Fig. 21 of the drawings there is shown in detail a fragment of the cam portion of the arm 268 whereby the pawl 274 is adapted to engage any of the serrations 283 of the arm 268, there being one serration for each of the fractional Values of the stock price posted.

Referring now to Fig. 16, the member 255 which, it will be recalled, is secured to the shaft 3!, is provided with a pin 2% which ooacts with the arms 285 and 28% to impart movement to the mirrors 2% and 2E3 respectively to post the integers of the high and low prices. The rods 285 and 286 control the movement of the rod 28'! to set the open mirror 214 to post the open rice.

p The open, high and low integer mirrors are associated with the fractions mirrors 215, 2|! and 2H! employed for posting the fractions denominational value of the open, high and low ranges of the stock respectively. As clearly shown on the drawings the fractions mirrors of these ranges take their settings from the settings of corresponding integer mirrors by means of mechanisms individual to each of these ranges and similar in operation to the fractions posting mechanism just described for the last range. It will be understood that whenever the magnet 265 is operated, the arm extension 210 engages the arm 27! of each of the ranges sufficiently to withdraw the pawl 214 from engagement with the associated arm 268 as shown in Fi 19.

Referring now to Fig. 22, there is shown thereon the mechanism employed for causing the integer and fractions mirrors for posting the open, high and low prices to take the same settings as the settings of the integer and fractions mirrors employed for posting the last prices. A unison magnet UM is provided with arms 288 and 289 pivoted at 29! and normally held against their backstops 292 by the retractile spring 293. Energization of the magnet UM causes the arms 288 and 289 to be moved toward each other and brought into engagement with the cam surfaces 294 and 295 respectively thereby rotating the mirrors 2H3 and 2l8 until their associated rods 285 and 286 are brought into contact with the rod 284 associated with the last integers mirror 22E), thereby moving the rod 28'! and associated open mirror 2M to cause the posing device to post a unison range.

As the arm 288 moves toward the magnet UM the bell crank 296 is rocked about its bearing 291 thereby moving the member 298 about its bearing 299, the member 298 being provided with a slot 30! within which one arm of the bell crank 296 moves as the member 298 is rotated. The extension 302 of the member 298 is continued past the arms 21'! of the Open, High and Low posting devices in a direction parallel to the bearings 243 to 25! and supported at each end by a bearing similar to the bearing 299 in such a manner that the operation of the unison magnet UM causes the extension 392 to move the arms 21'! of the Open, High and Low posting devices into the position shown on Fig. 19 thereby disengaging the pawl 214 from the arm 268 of each of these devices until after the arms 268 of the Open, High and Low devices have taken their settings to post a unison quotation. The release of the unison magnet UM causes the extension 392 to be moved by the retractile spring 293 into the position shown on Fig. 18 thereby causing the arm 21'! to be moved by the spring 232 until arrested by the pawl 214 engaging one of the serrations of the arm 268 to post the fractions digits of the Open, High and Low prices.

It will be understood that the lock magnet LM is operated whenever a new last price is to be posted and the unison magnet UM is operated to cause the prices posted by the Open, High and Low posting devices to be the same as the price posted by the last posting device, the operation of the magnet LM causing the arms 27! of the Open, High, Low and Last posting devices to be moved sufiiciently to rotate the pawl 214 out of the path of movement of asserts the arms 268 whereas the operation of the magnet UM similarly moves the arms 211 of the Open, High and Low posting devices only. The settings of the mirrors are maintained by the friction washers 300 which may be of felt or other suitable material as will offer sufficient resistance to prevent accidental movement of the mirrors from their set positions.

Briefly stated, the device of Fig. 16 comprises means for providing digit and fractions indications corresponding to the Open, High, Low and Last prices respectively under control of an electro-responsive element settable to different settings representative of the last prices to be posted and controlled by signals received over a single wire.

While the invention has been described in detail with respect to certain preferred examples thereof which give satisfactory results, it will be understood by those skilled in the art after understanding the invention, that various changes and modifications may be made without departing from the spirit and scope of the invention and it is intended therefore in the appended claims to cover all such changes and modifications.

What is claimed as new and desired to be secured by Letters Patent of the United States is:

1. A system for posting information regarding stocks or other items comprising a transmitting station, an outgoing line, current controlling means in the transmitting station individual to each of said items and settable in accordance with the prices of the item to be posted, means for transmitting item selection signals over said line automatically in response to a change in the settings of said current controlling means and for thereafter switching said line to said changed current controlling means, a receiving station connected to said line including a plurality of electro-responsive posting devices, means responsive to said item selection signals for selecting any of said posting devices for operation, and means controlled by said switching means for causing the selected posting device to take settings in accordance with the values of current corresponding to the settings of said changed current controlling means.

2. A system for posting information regarding stocks or other items comprising a transmitting station, an outgoing line, means in the transmitting station settable in accordance with the price of the item to be posted for controlling the current over said line, means including distributor structure for transmitting item selection signals over said line automatically in response to a change in the setting of said settable means and for thereafter switching said line to said settable means, a receiving station connected to said line including a plurality of electro-responsive posting devices, a receiving distributor controlled by said item selection signals for selecting any of said posting devices for operation, and means controlled by said switching means for causing the selected posting device to take settings in accordance with the values of current set up by said settable means.

3. In a system of the character disclosed, the combination of transmitting means including a source of item selection signals and price signals, said price signal means comprising a plurality of current controlling devices settableto different settings in accordance with the prices to be posted, a channel of communication, a receiving station comprising a plurality of groups ant-ta of indicating devices settable to different-positions, means included in each group for displaying the open, high, low and last prices, each of said groups being individual to a particular stock or item, means controlled by said selection signals over said channel for selecting any of said devices for operation, a locking device individual to each of said groups for maintaining the indicating devices thereof in any of their set positions, means at the receiving station effective when a group of devices has been selected for actuating said locking device, and means effective during the time the locking device is actuated for causing the selected group of-indicating devices to automatically post the open, high, low and last prices in accordance with the values of current set up by said current controlling devlces.

4. A system for posting information in regard to stocks or other items comprising a transmitting station and a receiving station, a channel of communication intermediate said stations, current controlling means at the transmitting station individual to each of said items and settable in accordance with the value of the information to be posted, transmitting means automatically effective in response to a change in said settable means for sending selection signals over said channel, a plurality of groups of indicating devices at said receiving station settable to diiierent positions, means at the receiving station responsive to said selection signals received over the channel for selecting any of said groups of devices for operation, and means for operatively connecting said current controlling means to said selected group of devices to cause the devices to be actuated by the strength of current received over said channel to settings corresponding to the settings of said current controlling means.

5. A system for posting information in regard to stocks or other items comprising a plurality of groups of indicating devices, a source of selection signals including a transmitter, receiving mechanism including means responsive to said selection signals for selecting one of said groups of devices for operation, a source of price signals comprising'a plurality of current controlling devices individual to each of said items settable in accordance with the prices to be posted, means for automatically setting the transmitter in operation to transmit said selection signals whenever the setting of any of said settable devices is changed, means controlled by said transmitter for causing the selected group of devices to be placed in operative relationship with said source of price signals to post the price on at least one of the devices of said group in accordance with the strength of current resulting from the setting of the current controlling device, manipulative means, and means operable after said manippulative means has been operated for causing the succeeding price to be posted on all of the indicating devices of the group.

6. In a system for posting prices of stocks or other items, the combination of item selection means and means including a plurality of price storage devices settable to different positions and comprising sets of indicia bearing devices each interchangeable at will and representing a different range of price values, a channel of communication, a source of electric current, means included in said settable storage devices for varying the strength of current from said source flowing over said channel, receiving means iniii l eluding a plurality of groups of indicating devices, each group having means for displaying the open, high, low and last prices of the item, means controlled by said item selection means for selecting a group of device's for operation, means for automatically actuating the devices of the selected group in accordance with the strength of current received oversaid channel, a settable scale individual to each group of devices and having a series of indicia thereon, means for exposing any portion ofsaid settable scale which bears a'proximate relation tothe price values to be posted, and means operable from a distance-for changing the settings of said settable scale in accordance with the price value range of the indicia bearing device employed with the price storage device to cause theprices posted by the indicating devices to be taken from the central exposed portion of the settable scale.

7. A system of the character disclosed comprising a storage device settable t'odiiierent positions in accordance with the fiuctuating prices of stocks or other items, a plurality of index devices each representing a different scale of values and adapted for use in setting said storage device, a posting device having an indicating member settable to different positions and controlled at a distance by the position of said storage device,

an adjustable indicia bearing scale upon which are posted the item prices in accordance with the settings of said indicating member, means for adjusting the position of said scale at a distance in accordance with the particular index device employed with the. storage device, and means controlled by said adjusting means for indicating at a distance the position of the adjustable scale.

8. In a system of the character disclosed, a transmitting station having a source of quotation signals comprising selection and price signals, a channel of communication, a receiving station including a plurality of indicating devices, means controlled by the selection signals received over said channel for selecting any of the devices for operation, means included in the selected device and settable to different settings in accordance with the price signals received over said channel, a movable projection screen having indicia thereon for posting the prices of the selected items in accordance with the settings of said settable means, means for moving the projection screen in either direction to difierent positions by signals over said channel to cause the indicating device to post diiferent prices with the same setting of the settable means.

9. In a system of the character disclosed, a

source of signals, an indicator for posting prices of stocks or the like comprising a first element settable to different positions in accordance with the signals received from said source for posting the integers of a price, means including a second element normally engaged and controlled by said first element for posting the fractions portion of the price, locking means for maintaining the elements in any of their set positions, and means controlled by said locking means for moving the fractions lement out of engagement with the integers element while the integers element is taking a setting.

10. A system of the character disclosed for posting quotations of stocks or other items comprising transmitting means settable to different positions in accordance with the prices of the item to be posted and having indicia bearing devices of difierent denominational values coacting therewith whereby several different prices may be set up in any position of said settable means, a channel of communication, a posting device having elements settable to different positions and controlled over said channel by the settings of said transmitting means, an adjustable scale included in said posting device having means coacting with said settable elements to indicate the quotations to be posted and means for adjusting said scale over the channel whereby the prices posted by the posting device are of the same numerical value as the prices set up on said transmitting means.

11. In a system of the character disclosed, a source of signals including posting signals, a channel of communication, said source of posting signals comprising means for controlling the strength of current over said channel in accordance with the information represented by said posting signals, a device for posting the open, high, low and last prices of stocks or the like comprising a first element settable to difierent positions for posting the last prices of the item in accordanc with th current strength of the signals received over the channel from said source, means controlled by the strength of current received for actuating said first element selectively to difierent settings corresponding to the information to be posted, means settable to different positions and controlled by said first lement for posting the open, high and low prices respectively of the item in accordance with the settings of said first element, restoring means including cam surfaces for changing the settings of said open, high and low posting means to agree with the setting of the last posting means, and means operable at will for causing said restoring means to be actuated by a signal received over said channel whereby the open, high and low prices posted are the same as the last price posted by the device.

RAYMOND M. HICKS. MER'I'ON L. HASELTON. 

